Land prices hit record high amid supply shortfall nationwide
The latest HIA-CoreLogic Residential Land Report has uncovered residential land lots in Australia have hit a record high, with the Gold Coast in particular, one of the highest in the country.
The typical residential lot price reached $267,368 during the September 2017 quarter which represents another new alltime high for land costs, an almost 11% increase in the same period in 2016.
"Record population growth in Australia over the past decade has been accompanied by an economy with remarkably low and stable mortgage rates and demand for housing has grown very substantially as a result. The ability of new home building activity to respond to this increased demand has been held back by insufficient supply of shovel-ready residential land." HIA–CoreLogic RESIDENTIAL LAND REPORT
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In respect to expensive regional markets, our beloved Gold Coast is currently running in a hot second ($566 per sq m), more expensive than the Brisbane’s $546 per sq m cost.
Brisbane was the second most active residential land market (behind Melbourne) with 1,928 lots sold in the quarter but was also the second most affordable of the capitals with the median at $231,000 per lot. Source HIA Economic Information